☕️House of Cards

Good morning.

Marex has rejected an “unpleasant” short seller report that alleged the UK financial services firm manipulated its accounts and recommitted to the Australian market despite a string of senior departures from its local arm.

After a report from short seller Ningi Research alleging Marex was a “financial house of cards” sent jitters through markets last week, the company, which is an ASX futures and clearing participant, told Capital Brief it was in a strong position financially and still growing rapidly in the region.

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Market movers

Shares in DigiCo Infrastructure REIT plunged Monday after its first results fell short of expectations, with foreign exchange hitting earnings and FY26 growth hinging on contract timing and AI-led demand.

The quick sync

• UNSW is borrowing from the Ivy League playbook with Barker Street Ventures, an alumni-driven investment platform targeting the deep tech ‘valley of death’. (Capital Brief)

• As copyright tensions rise, Labor’s Andrew Charlton is courting OpenAI and Big Tech to turn Australia into a regional AI data centre hub. (Capital Brief)

• Economic reform returns in incremental steps as Chalmers and Wood push for consensus over confrontation. (Capital Brief)

• CBA is racing ahead on AI while rivals tinker at the edges, weighed down by tech debt and playing catch-up. (Capital Brief)

• Blackbird adds $7b to Canva’s valuation after Figma’s roaring IPO and ahead of a secondary share sale that will test the number. (AFR)

Trading floor

M&A

• EVT buys Pro-invest Hotels for $74m to launch new hotel management venture. (Capital Brief)

• Accenture buys CyberCX in $1b-plus deal. (AFR)

• Bank of Montreal is in talks to acquire a strategic stake in Australian mid-tier stockbrokers, seeking to establish a local presence. (AFR)

• Google fined $55m for anti-competitive deals with Telstra, Optus. (Capital Brief)

• Google and Kairos Power will build a small modular nuclear reactor in Tennessee to power Google’s data centres, with TVA agreeing to buy the electricity. (Capital Brief)

• Synlait may sell Pokeno plant to Abbott as a2 Milk buys nearby site. (The Australian)

• Adamantem has made a $162m takeover bid for Apiam Animal Health, with major shareholder Chris Richards backing the 88¢ per share offer. (AFR)

• Harmony Gold wins approval for $1.6b MAC Copper takeover. (Capital Brief)

• Aurizon weighs $8b coal rail stake sale, eyed by Ares. (AFR)

• Soho House goes private in US$2.7b deal led by MCR Hotels. (Capital Brief)

• Affinity readies ScotPac sale process ahead of 2026 exit. (AFR)

• Edify Energy sale stalls as bids fall short, leaving future development funding uncertain. (The Australian)

• China is moving to resume canola imports from Australia after a five-year ban, seeking alternative supplies amid strained trade with Canada. (Capital Brief)

• China’s Mengniu Dairy is selling its $257m NZ manufacturing facility to a2 Milk, with E&P Capital and Goldman Sachs advising. (AFR)

• Nine Entertainment eyes talkback radio sale to streamline business. (AFR)

• Oaktree leads Perpetual Wealth bid, but deal terms could stall the sale. (The Australian)

Capital Markets

• GPT posts $329m profit, lifts income, reaffirms growth outlook. (Capital Brief)

• A2 Milk profit up 21%, buys NZ plant, pays first dividend. (Capital Brief)

• NAB profit dips 1% to $1.77b on higher costs. (Capital Brief)

• DigiCo REIT posts $105m revenue, $5.9m FX loss. (Capital Brief)

• Lindian Resources is raising $80m via a placement. (AFR)

• BlueScope profit drops 90% on $439m write-down. (Capital Brief)

• Lendlease swings to profit on cost cuts despite revenue drop. (Capital Brief)

• Ampol posts a $25m first-half loss, cuts dividend on weak demand. (Capital Brief)

• Aurizon full-year profit fell 25% to $303m, launches $150m buyback. (Capital Brief)

• Rinehart-backed Arafura raises $80m; Magnetic seeks $30m. (AFR)

• oOh!media posts $11.3m loss on $30m impairment despite revenue growth. (Capital Brief)

• Charter Hall Retail profit jumps on pub portfolio buy. (Capital Brief)

• Audinate swings to loss on weaker AV demand. (Capital Brief)

• GWA profit rises, launches $30m buyback. (Capital Brief)

• Qantas fined $90m for illegally outsourcing 1,800 ground handling jobs during Covid, CEO Vanessa Hudson apologises to sacked staff. (Capital Brief)(AFR)

• Commonwealth Bank is racing ahead in AI adoption with partnerships like OpenAI and Anthropic, while rivals Westpac and NAB lag in their updates. (Capital Brief)

• Marex rejects short seller claims, presses on with Australia/NZ expansion. (Capital Brief)

• Smorgon Group faces court over alleged ‘dishonest and fraudulent’ grab for full control of Stawell gold mine. (AFR)

• Big banks clash over $US100 iron ore outlook. (AFR)

• Lendlease braces for a September vote as Lombardo defends $10b funds from Mirvac’s grab. (AFR)

• Citi deepens its hiring spree with 10 senior ex-JPMorgan bankers amid US$38.5b push into private credit. (FT)

VC 

• UNSW has launched Barker Street Ventures to back deep tech spinouts. (Capital Brief)

• Advance VC launches fund to buy secondary VC stakes. (AFR)

• Go1 founders launch OneMRI with $2.5m seed. (Smart Company)

People moves

• REA Group names Cameron McIntyre as new CEO. (Capital Brief)

• Aurizon cuts jobs after 25% profit fall. (AFR)

• Iress CEO Marcus Price is planning succession as the company explores takeover interest from Blackstone. (Capital Brief)

• Crown Resorts chairman Martin Pakula is under a BDO probity review as scrutiny grows over his numerous post-parliamentary roles. (AFR)

• Mizuho hires veteran Macquarie banker Michael Magliana in London. (Bloomberg)

The watercooler